CIBC World Markets Inc. lowered its position in FS Investment Co. (NYSE:FSIC) by 22.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,287 shares of the financial services provider’s stock after selling 17,033 shares during the period. CIBC World Markets Inc.’s holdings in FS Investment were worth $418,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in FSIC. Private Advisor Group LLC raised its holdings in shares of FS Investment by 209.6% in the third quarter. Private Advisor Group LLC now owns 1,665,192 shares of the financial services provider’s stock valued at $11,740,000 after purchasing an additional 1,127,329 shares during the last quarter. Strategic Wealth Advisors Group LLC raised its holdings in shares of FS Investment by 232.5% in the third quarter. Strategic Wealth Advisors Group LLC now owns 573,485 shares of the financial services provider’s stock valued at $4,043,000 after purchasing an additional 401,028 shares during the last quarter. Centaurus Financial Inc. raised its holdings in shares of FS Investment by 617.9% in the second quarter. Centaurus Financial Inc. now owns 397,170 shares of the financial services provider’s stock valued at $2,919,000 after purchasing an additional 341,846 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of FS Investment by 453.6% in the third quarter. Acadian Asset Management LLC now owns 400,391 shares of the financial services provider’s stock valued at $2,823,000 after purchasing an additional 328,060 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new stake in shares of FS Investment in the third quarter valued at about $1,733,000. Institutional investors own 29.45% of the company’s stock.
NYSE FSIC opened at $6.05 on Friday. FS Investment Co. has a 52-week low of $5.90 and a 52-week high of $8.24. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.94 and a quick ratio of 1.94. The stock has a market cap of $1.46 billion, a P/E ratio of 7.29, a P/E/G ratio of 2.55 and a beta of 0.95.
FS Investment (NYSE:FSIC) last posted its quarterly earnings data on Wednesday, November 7th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. FS Investment had a negative net margin of 3.73% and a positive return on equity of 9.57%. The business had revenue of $94.52 million during the quarter, compared to the consensus estimate of $96.66 million. On average, equities research analysts anticipate that FS Investment Co. will post 0.8 EPS for the current year.
The business also recently disclosed a special dividend, which was paid on Monday, December 3rd. Investors of record on Monday, November 19th were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, November 16th. This represents a yield of 11.53%. FS Investment’s dividend payout ratio (DPR) is presently 91.57%.
Several analysts have recently commented on FSIC shares. National Securities lowered their target price on shares of FS Investment from $11.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 12th. Wells Fargo & Co downgraded shares of FS Investment from an “outperform” rating to a “market perform” rating in a report on Thursday, October 4th. Barclays set a $8.00 price objective on shares of FS Investment and gave the stock a “hold” rating in a report on Saturday, November 10th. ValuEngine downgraded shares of FS Investment from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 18th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $8.00 price objective on shares of FS Investment in a report on Friday, August 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $8.25.
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About FS Investment
FS Investment Corporation is a business development company specializing in investments in debt securities. It seeks to purchase interests in loans through secondary market transactions or directly from the target companies as primary market investments. It also seeks to invest in first lien senior secured loans, second lien secured loans and, to a lesser extent, subordinated loans, or mezzanine loans.
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